This transcript has been automatically generated and may not be 100% accurate.

... I ... Morgan Stanley ... last week ... that bold did not come without strings attached to strings might ... corner of the purse strings ... morning Evelyn welcome to markets of mine Paul beanie ... here with Rick Brooks to talk about this story ... on top of ... a location they can win selling ... and what is that when when his take on taking compensation so I think how you how you lead an office exactly right in his letter last week in which he disclosed to the purchase of these of ... of a stake in the fourth quarter was on the whole very positive he said he thinks we're just Sammy's in the early innings of a turnaround ... the only sniping and griping hinted about pay was directed it and directors of the company ... we thought were overpaid relative to some other big securities firms ... in our learning what the asterisks are in all of that ... key iam ... he's clearly taking a very sharp pencil ... to live to what executives and ... traders investment bankers all over the firm a ... and really is is Guinea Guinea tooth two I think art and ask questions both outside and inside the firm ... about whether that's justified ... ah particularly given the firm's the firm size relative to other from others ... as it as it streamlines busy shrinks ... as it passes very existential questions about what the fixed income business for example a ... D D maintaining but I mean ... think about any means ... no on in his speech in his letter Qian Beery strongly insinuated the name of one director ... aam ... this is Roy Bostock who I he predicts a clash with that Yahoo ... and Mr. Bush Tax can retire at the annual meeting this spring ... um ... he's not publicly said any name whatsoever ... By from mom but from an machetes reporting ... um ... we know she's asking questions ... all the way to topple the lead into James Corman himself ... aam ... he doesn't appear to have formed in the early ... a person specific opinions except for Ruth Porter who wanted for her the CFO is aam ... is paid fairly for what she does ... ALM ... so I don't think it's it's sound ... get your insight Morris Illinois this is a particular cause for alarm at this point ... other then he's saying very very clearly ... I'm watching you ... aam ... and that a doubt it and that it did to turn around it he seems to be making on ... past to just be justified although all the cars machine half to be working the right way to an end in pain people one of the snow we don't know right now with a lot with size the state with no so great so we don't know ... how much he can really put his thumb down company ... yes we all know we should know more when he makes his next quarterly filing disclose Ina of all third Point's sticks right ... aam ... you know you're in you're exactly right ... aam ... everyone knows what he is so what is in no way is what is history is ... aam ... I'm sure Morgan Stanley's trying to figure out ... exactly I is can you want them two thumbs is going to have the not so heavy ... aam ... and the understatement of Morgan Stanley provided this ... yesterday for the story ... made it very clear that James Gorman has has reached out ... to ride to chill over since the state was disclosed and is a nice beginning to establish some ... some communication with him and said that on a plate place marked with our art books think you're emotional stuff from a machete and ...